Colorado § 38-38-505 - Effect of foreclosures as to certain classes of persons.

§ 38-38-505. Effect of foreclosures as to certain classes of persons.

(1) All deeds of trust executed to a public trustee may be foreclosed by such public trustee in the manner provided by section 38-38-101, notwithstanding the fact that the indebtedness secured may constitute a claim against the estate of a deceased person, a mental incompetent, or an incapacitated person and notwithstanding the death, mental incompetency, or incapacity of one or more of the owners of the property covered by the deed of trust.

(2) Any such foreclosure shall be good against a mental incompetent or incapacitated person and against the heirs-at-law, legatees, devisees, creditors, conservators, guardians, personal representatives, executors, and administrators of any decedent or mental incompetent or incapacitated person and all persons claiming by, through, or under such decedent or mental incompetent or incapacitated person. The public trustee shall give notice of such foreclosure proceedings, as provided by law, to the grantor in the deed of trust foreclosed at the address stated therein, as though living and mentally competent, to all persons having interests then of record, and to the lessee or lessees of the premises as provided in section 38-38-305 (1.5). The public trustee shall not be required to give notice of such foreclosure proceedings to any heir-at-law, legatee, devisee, creditor, conservator, guardian, personal representative, executor, or administrator of any decedent or mental incompetent or incapacitated person or to any person claiming by, through, or under any decedent or mental incompetent or incapacitated person unless the claim or interest of such person then appears of record.

(3) The interest and claim in and to such real estate of all mental incompetents or incapacitated persons and of all persons claiming by, through, or under any mental incompetent, incapacitated person, or decedent, including minors and incapacitated persons, shall be terminated and concluded by such foreclosure unless they redeem from the foreclosure sale within the time prescribed by law.

Source: L. 90: Entire article R&RE, p. 1672, § 2, effective October 1; (2) amended, p. 1685, § 6, effective October 1.

Editor's note: The provisions of this section are similar to provisions of several former sections as they existed prior to 1990. For a detailed comparison, see the comparative tables located in the back of the index.

ANNOTATION

Law reviews. For article, "Foreclosure by Sale by Public Trustee of Deeds of Trust in Colorado", see 14 Dicta 5 (1936). For article, "Curative Statutes of Colorado Respecting Titles to Real Estate", see 16 Dicta 35 (1939). For article, "Curative Statutes of Colorado Respecting Titles to Real Estate", see 26 Dicta 281 (1949). For article, "Standard Pleading Samples to be used in Quiet Title Litigation", see 30 Dicta 39 (1953). For article, "Statutory Redemption in Colorado", see 30 Dicta 79 (1953).

Terms of sale must be fixed in accordance with provisions of trust deed in ordering a sale under the foreclosure of a trust deed. Cosmopolitan Hotel v. Colo. Nat'l Bank, 96 Colo. 62, 40 P.2d 245 (1934) (decided under § 38-37-114 as it existed prior to the 1990 repeal and reenactment of article 37 and this article).

This section does not supplant the notice requirement contained in C.R.C.P. 120. Amos v. Aspen Alps 123, LLC, 298 P.3d 940 (Colo. App. 2010), aff'd, 2012 CO 46, 280 P.3d 1256.